Updated Sterling Bank’s Fixed Deposit Rate

Updated Sterling Bank’s Fixed Deposit Rate

Fixed deposit has been one of the most reliable means of investing money without fear of losing your money to market volatility or fluctuation. However, although it is safe, it also has its shortcomings. For instance if you are fixing

let’s say N,1000,000 for six months. If within these six months there is rise in inflation then the value of your money goes down but if inflation reduces then they value of you money goes up. This is the only side effect to fixed deposit. Here we want to take a look at what Sterling Bank has to offer in terms of fixed deposit.

Sterling Bank’s fixed deposit is and interesting one as it gives you the power to negotiate your own rate. The minimum amount fixable with Sterling Bank is 100,000 and this attracts a whopping rate of 8% for 30days. 30 days is the minimum number of days you can fix your money with Sterling Bank.

The higher the amount you want to fix the better your control and bargaining power. their minimum rate is 8% while the maximum rate  is 12%.

When fixing your money, I would strongly advise you fix more money to enhance a better rate for you.

You will need to have an existing account with the Sterling bank. You will then need to speak to your bank manager or account officer, telling them how much you want to “fix”, and for how many days. Sterling banks allows you to fix your money for different time intervals.

Please note that there is a withholding tax (WHT) of 10% on the interest earned on fixed deposit.

Please kindly comment for further questions. Thank you

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